The US economy added fewer jobs than expected in February, with 151,000 workers hired compared to the predicted 170,000. The unemployment rate rose to 4.1%, a historically low figure.
Despite this, Fed Chair Jerome Powell expressed confidence in the US economy, citing its “solid” labor market. Employment increased in various sectors, including healthcare and finance.
However, the report also highlighted potential impacts from employee cuts initiated by President Trump’s administration. The federal government shed 10,000 workers in February.
The jobs report arrives at a turbulent time for US stocks and trade relations, following recent tariffs issued by the Trump administration. Stocks have been affected by these policies, with the Dow Jones Industrial Average tumbling 425 points on Thursday.
Meanwhile, inflation is resurging, with consumer prices rising 3% in January compared to the previous year. The economy is also weathering a decline in consumer confidence, with a key gauge registering its largest monthly drop since August 2021.
Source: https://abcnews.go.com/Business/fresh-jobs-report-offer-snapshot-us-economy-trump/story?id=119506893